Don't Waste Your Time On Bitcoin, Says J.P.Morgan CEO

Jamie Dimon, CEO of the largest U.S. bank, J.P. Morgan Chase, shared his views on Bitcoin and blockchain technology at the Fortune Global Forum in San Francisco earlier this week, CoinTelegraph reported.

His opinion about digital currencies and their future prospects perhaps would not be appreciated by the cryptocurrency ecosystem. Dismissing the possibility of any future prospects of digital currency he said:

“You’re wasting your time (with Bitcoin)! Virtual currency, where it’s called a bitcoin vs. a U.S. dollar, that’s going to be stopped,” CoinTelegraph quoted Dimon. “No government will ever support a virtual currency that goes around borders and doesn’t have the same controls. It’s not going to happen.”

While, he may actually have a valid point, it is also true that efforts are in place to regulate virtual currencies, such as the New York BitLicense and California Bitcoin Bill.

Dimon, however, believes that blockchain, bitcoin’s underlying technology, could be used if it is effective and secure. He said:

“Blockchain is like any other technology. If it is cheaper, effective, works, and secure, then we are going to use it. The technology will be used, and it could be used to transport currency, but it will be dollars, not bitcoins.”

The comments come after J.P.Morgan along with other major banks collaborated with financial innovation company R3CEV to design and deliver advanced distributed/shared ledger technologies to global financial markets.